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Bearings Market will Exhibit A CAGR Of 3.6%; Growing Demand For Coated Bearings Will Enable Growth, says Fortune Business Insights

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Pune, Aug. 18, 2020 (GLOBE NEWSWIRE) — The growing demand for coated bearings from various applications is a key factor enabling the growth of the bearings market, says Fortune Business Insights, in a report, titled “Bearings Market Size, Share & Industry Analysis, By Type (Ball Bearing, Roller Bearing), By Application (Automotive, Industrial Machinery, Aerospace, Others), and Regional Forecast, 2019-2026.” The global bearings market was valued at USD 39.46 billion in 2018 and is expected to reach USD 52.44 billion by 2026, exhibiting a CAGR of 3.6% during the forecast period (2019 – 2026).As per the report, on the basis of application, the bearings market is segmented into automotive, industrial machinery, aerospace and others. The automotive segment is expected to hold maximum share owing to the expansion of the automobile industry. The rising emphasis on weight reduction will further aid the growth of the segment. The increasing demand for bearings in the automotive industry owing to its advantages such as the ability to rotate at high speed with precision and high durability along with noise and vibration reduction property. Furthermore, the rising focus of manufacturers towards the production of lighter bearings by adopting various technologies such as better forging techniques, low tolerances, and lightweight alloys will further propel the growth of the market. For instance, SKF developed bearing cages from titanium alloys used in gearbox applications. These titanium bearings offer high component strength and; temperature resistance properties especially applicable for high acceleration applicationsThe report is dedicated to offering the best statistics, an explanatory study comprising of various characteristics allowing key players to remain robust in the market. It also discusses in-depth the recent innovations and advancement in the bearings market.Click here to get the short-term and long-term impact of COVID-19 on this Market.
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An Overview of the Impact of COVID-19 on this Market:The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
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Market Driver:Heavy Demand for Precision Bearings to Propel MarketThe rising industrial automation has led to the demand for precision bearings, which, in turn, will aid the expansion of the market. The increasing application of bearings in the aerospace industry will foster the growth of the market during the forecast period. Moreover, the growing development of advanced robots will fuel demand for miniature bearings in the forthcoming years. The growing focus of manufacturers towards the product offering of miniature bearings owing to the advantages over other bearings will enable speedy expansion of the market. For instance, SKF, a seal and bearing manufacturer offers an extensive range of miniature ball bearings available in stainless steel along with seals or shields for various applications. The technological advancement in medical equipment, and audio-visual equipment and other automation will spur opportunities for the market. Furthermore, the growing demand for coated bearings for as compressors, hydraulic pumps & motors, and marine & offshore applications will favor the growth of the market in the foreseeable future. In addition, the increasing collaborations and partnerships among major key players will subsequently aid the expansion of the market. For instance, Calico Coatings collaborated with ACL, Mahle/Clevite, and Durabond to deliver CT-1 Dry Film Lubricant coated bearings for a high-performance engine.
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Regional Analysis:Rising Infrastructure Development to Boost Growth in Asia PacificAsia Pacific is expected to hold the major share during the forecast period owing to rising demand for bearings from various industries such as the automotive, aerospace, and packaging industry. The booming automotive sector will influence healthy growth in the region. According to the Society of Indian Automobile Manufacturers (SIAM), in the first quarter of 2019, the total passenger vehicle trade increased by 2.7%. The growing demand for industrial machinery owing to the rising infrastructure development will contribute positively to the growth of the market in Asia Pacific. Europe is predicted to account for the largest share in the global market due to the well-established automotive industry. The presence of major automobile companies will foster growth in the region. In addition, the heavy demand from the aerospace industry will promote growth in Europe.Key Development:October 2019: JTEKT Corporation announced the release of creep resistance features for ball bearing which will be primarily used in the transmissions of hybrid; electric vehicles and, CVTs of engine cars.August 2018: Timken India Ltd. a subsidiary of Timken Company announced that it has acquired ABC Bearings Ltd, a major producer and leader of cylindrical, tapered and, spherical roller bearings based in IndiaList Of Key Players In Bearing Market Are:NSK LtdNachi-Fujikoshi Corpmyonic GmbHLYC Bearing CorporationLuoyang Huigong Bearing Technology Co., Ltd. KoyoISB IndustriesNTN Bearing CorporationSKFThe Timken CompanyTHB BearingsSchaeffler Technologies AG & Co. KG
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Detailed Table of ContentIntroductionDefinition, By SegmentResearch ApproachSourcesExecutive SummaryMarket DynamicsDrivers, Restraints and OpportunitiesEmerging TrendsKey InsightsMacro and Micro Economic IndicatorsKey Technological DevelopmentsConsolidated SWOT Analysis of Key PlayersGlobal Bearings Market Analysis, Insights and Forecast, 2015-2026Key Findings / SummaryMarket Sizing Estimations and Forecasts – By Type (Value)Ball BearingsRoller BearingsMarket Sizing Estimations and Forecasts – By Application (Value)AutomotiveIndustrial MachineryAerospaceOthersMarket Analysis, Insights and Forecast – By Geography (Value)North AmericaEuropeAsia PacificMiddle East & AfricaLatin America
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Have a Look at Related Research Insights:Cross Roller Bearings Market Size, Share and Industry Analysis by Type (Single Inner and Split Outer Ring, Split Inner and Single Outer Ring, Others), By Dimension (18 to 50mm, 50 to 150mm, 150 to 250 mm, 250 to 400 mm, 400 to 630 mm, 630 to 800 mm, >800 mm), By Industrial Vertical (Industrial Machinery, Medical Systems, Robotics, Semiconductor Manufacturing Equipment) and Regional Forecast 2019-2026Aerospace Bearings Market Size, Share & Industry Analysis, By Bearing Type (Roller Bearings Ball Bearings), By Application (Landing Gears, Engines, Aero structure, Flight Control Systems, Others (turbojets, turbofans, turbo shafts, etc.)), By End use (Helicopter, Aircraft, Space) and Regional Forecast, 2019-2026Roller Bearings Market Size, Share and Industry Analysis By Product Type (Tapered, Spherical, Cylindrical, Others), By Application (Automotive, Industrial Machinery, Aerospace, Others) and Regional Forecast, 2019 – 2026Ball Bearing Market Size, Share and Industry Analysis By Product Type (Self-Aligning Ball Bearings, Deep Grove Ball Bearings, Angular Contact Ball Bearings, Others), By Application (Automotive, Industrial Machinery, Mining & Construction, Medical, Others), and Regional Forecast, 2019 – 2026About Us:Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in. Contact Us:
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